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Violation Tracker Individual Record

Company: Sigma Financial Corporation
Penalty: $135,000
Year: 2004
Date: December 9, 2004
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: NASD censured and fined Sigma Financial Corporation of Ann Arbor, MI and its president $135,000 for violating NASD's Code of Arbitration Procedure-by frivolously pursuing legal action against an elderly couple who had won an arbitration award against the firm.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
Source of Data: NASD Fines Sigma Financial for Suing Customers in Violation of NASD's Arbitration Code, PR Newswire, December 9, 2004 (via Nexis).
Notes: FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.